Tony Cornish

2010-11-01

Flood Relief Application for Loans and Grants

Homeowners throughout a 16-county area in south-central Minnesota may be eligible to receive assistance through the Minnesota Housing Finance Agency QuickStart Disaster Recovery Program to help with damages associated to the September 22 and 23 flood. The program provides assistance as a last resort when private insurance and federal assistance are not adequate to return a damaged home to its pre-disaster condition. Loans can also pay for work already done if receipts and documentation is provided.

QuickStart is a deferred, no-interest loan from a minimum of $1,000 to a maximum of $30,000 per house. The loan must be used for capital improvements to return a house to its pre-disaster or comparable condition, to replace an owner’s home destroyed as a result of the disaster, or to repair (not replace) a 1-4 unit rental property. No principal or interest payments are made during the term of the loan and the loan will be forgiven in 10 years as long as the home is the primary residence of the borrower. The loan principal must be repaid only if the borrower sells the house or no longer uses it as a primary residence within the 10 year loan period.

Funds available will be distributed on a first come, first serve basis. Prior to contacting MVAC, homeowners need to check with their insurance agency first and then apply for Small Business Administration (SBA) assistance at www.sba.gov. After completing those two steps, homeowners may contact the Minnesota Valley Action Council to apply for a QuickStart loan. The SBA application deadline is December 14, 2010 and the QuickStart deadline is February 14,2011. Applicants need to be aware that depending the date they apply for SBA, they have two months from that date to apply for the QuickStart Program.

In addition to the QuickStart loan program, MVAC also offers other options that can assist homeowners with their flood-related repairs, including furnace replacement.

For more information please contact MVAC at (507) 345-6822 or visit www.mnvac.org.

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2010-10-25

New Campaign Ad: Why Support Tony Cornish?

Click here to download the PDF version of the new Tony Cornish ad.

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